I'm sure people had to have homeowner's insurance, but most had no flood insurance...sooo...If the people have lost everything and the insurance isn't going to cover their losses...then what happens to the mortgage loan that they owed? Will they go into foreclosure? Then the bank will own the land and the debris?If they do, will the banks be the next institution to fail?What Happens To The Mortgages On All The Homes Destroyed In The Midwest?
The banks are left holding the bag
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